ICICIBANK trade ideas
ICICI bankTrade Setup:
Daily: Gap filled. Bullish engulfing candle seen with good volumes. 50EMA and support line (at 735 INR) should be a good base.
4 Hour chart: took support at 50EMA.
In general, on Bank Nifty index chart - a doji seen at bottom levels, indicating a potential for turn around. 38350 - 38390 levels should act as a strong support levels. Technically, that's a double bottom pattern.
Entry = around 772 INR
Sl = below support ie, approx. 730 INR
Target = 860 INR
RR = 2.08
New entry in ICICI BANKI believe, the Top 2 Banks in India are - ICICI BANK & KOTAK BANK
As now we have covid behind us, I believe Banking sector will now pick up a good pace for next 2-3 years.
Hence, started building a position by taking advantage of the current market fall.
I believe this was a decent entry point with a 14% discount from the Top.
I will keep on adding as this stock will perform.
Disclosure: Invested personally, hence views could be biased. Use your own judgment. :)
Will ICICI carry BankNifty?Icici Taking support from the trendline drawn long ago
0.236 Fib Support present
RSI looks good
Macd looks good
Everything required is on the chart above.
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ICICIBANK : 15min chartICICIBANK Trading in Descedning channel pattern in 15 min time frame.
there is still scope to go down. follow price actions tomorrow before entering
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Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing
ICICI trend analysis for November monthThe bank is in strong bull movement from last October and it didn't break the trend line yet. As the bank broke the February high with high volumes in September and moving 25% higher to market price.
From the chart the stock is having strong support at 680 and it could consolidate for next 4-6 weeks in the range from 700~840.
We can wait for buying the stock at support levels with stop loss of 620-640
Range - 700 ~ 840
Resistance - 830-850
Support - 715-750